Thursday, 6 August 2020

Owners of new electric cars can save up to 65% on the 2020 Marchamo

New electric vehicles are exonerated of paying the property tax for 5years

The collection of the 2020 Marchamo (vehicular circulation permit) is around the corner, typically starting the first week in November.  If you are the owner of an electric vehicle, here is everything you need to know to be exonerated for five years.

First, you must complete the exemption process at the Ministerio de Hacienda (Ministry of Finance) in a procedure that takes approximately 20 days.

The exemption is made to the property tax, which represents 65.6% of the total cost of the Marchamo.

- paying the bills -

The exemption is done in a staggered manner so that the first year there is no property tax, the second year a reduction is 80% will be made, the third year 60%, the fourth 40% and the fifth year 20%.

But, keep in mind that, all the other components of the Machamo – ie Seguro Obligatorio de Automóviles – mandatory vehicle insurance – (19.7%), Conavi (6.1%), timbres (stamps), and other charges, which correspond to about 34.4% of the total cost of Marchamo, has to be paid, whether the car is electric or not.

The process:

  • Register in Exonet (Sistema de Exoneraciones en Línea)
  • Submit the application for registration at the Ministry of Finance (application, copy of ID)
  • The request goes to Cosevi to certify it as an electric car
  • The request returns to the Treasury to approve the exoneration
  • Once approved, print the application from Exonet and take the requirements to the Ministry of Finance
  • Pay final amount after exemptions at any bank

While the exoneration process is simple, the bureaucracy forces vehicle owners to make the exemption request every year.

“The cumbersome thing is that each year the exemption must be managed again. The ideal would be to make the request only once, and automatically apply the next four years,” said Diana Rivera, Executive Director of the Asociación Costarricense de Movilidad Eléctrica (Asomove) – Costa Rican Association of Electric Mobility.

- paying the bills -

The exoneration applies only to new electric vehicles.

“It would be a great stimulus to extend this benefit of gradual exemption of property tax to used electric vehicles,” Rivera de Asomove concluded.

Source: La Republica

Rico
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"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

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